Confirming months of industry speculation, ex-Merrill CEO John Thain is poised to take over as CIT Group's chairman and chief executive.
Thain replaces Peter J. Tobin, an interim CEO who will stay on as a director. Tobin had replaced Jeffrey Meek, who stepped down January 15.
Thain's resume includes stints as CEO of the New York Stock Exchange, where he ushered in the era of electronic trading. He also served as president and COO of Goldman Sachs.
Thain's main objective is to re-establish CIT's role as a viable lender to small and midsize companies. The company has undergone an odyssey of its own over the past several months; it filed to reorganize under bankruptcy laws on November 1 after it struggled with mounds of debt. After eliminating $10 billion of it, it emerged from Chapter 11 proceedings in December.